Million Dollar HDB: Singapore sees 6 flats transacted over S$1.3m recently

 

According to a research by OrangeTee, 83 flats were sold for at least $1 million in Singapore's public housing market during the most recent quarter, which is practically on par with the 85 deals signed during the quarter before (see chart below). 

34 of the 83 apartments sold in the past quarter are between 110 and 130 square metres, and 23 are larger than 130 square metres. 

Here’s more from Orange Tee:

In the most recent quarter, there were more million-dollar flat deals than there were full-year sales signed from 2012 through 2020. Before 2012, no million-dollar apartments were sold. 

More flats broke the S$1.3 million barrier among the million-dollar deals, and they may soon break the S$1.4 million barrier. Six apartments totaling more than S$1.3 million were recently transacted, with 4 of them occurring in the third quarter and the other 2 in the fourth quarter of 2021.

More purchasers are ready to pay top price for large or well-located flats, as evidenced by the increase in resale deals that above the S$1.3 million threshold. 

For example, a five-room HDB resale flat at Pinnacle@Duxton sold for a record-breaking S$1,388,889 in March this year, shattering the previous mark set by a DBSS in Bishan, which was S$1.36 million in December of last year.

A second resale flat in an immature estate broke the million dollar threshold in the previous quarter. In February of this year, an 187 square metre flat on Yishun Avenue 4 sold for S$1,038,000. The first deal was a S$1 million sale of a 177 square metre maisonette in Hougang in January 2018. 

Although more flats have been sold for at least S$800,000 since last year, the number is still not very large based on the pricing trend for Yishun. Five-room apartments' median cost was S$582,500 in the first quarter of this year. As a result, there may not be a high likelihood of many flats in Yishun changing hands for more than $1 million. 

We may need to continue observing for a time before concluding whether there is a rising trend of million-dollar transactions appearing in the non-mature estates because the number of million-dollar flat sales in these estates is still relatively low.